India has recently raised the number of Russian insurers allowed to provide protection and indemnity (P&I) cover for ships docking at Indian ports, as Indian refiners are once again boosting imports of Russian crude thanks to a U.S. waiver.
The number of Russian insurers eligible to cover marine indemnity and protection has been raised to 11, up from eight previously, India’s Directorate General of Shipping has said, as carried by Reuters.
India has recently allowed new Russia-based insurers to provide cover for ships docking at Indian ports, especially such carrying oil cargoes to the world’s third-largest crude oil importer.
These Russian firms are not part of the International Group of P&I Clubs, but they provide cover to vessels loaded with Russian oil. In recent years, Western insurers have steered clear of Russian cargoes due to the Western sanctions on Russia’s oil exports.
India is now back to buying Russian crude oil en masse, following a U.S. waiver allowing crude loaded on vessels to be purchased without penalties.
The U.S. Treasury Department has just extended the waiver for two weeks until mid-May.
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After the U.S. issued the first sanction waiver in March, a race began for Russian oil cargoes at sea, with several tankers even diverting from China to supply their cargoes to Indian buyers, according to shipping data from earlier this month. In just the first two weeks of March, the volume of Russian crude on the water fell by more than 20 million barrels, which is equivalent to a drawdown rate of over 2 million barrels per day, Vortexa reported in mid-March.
Refiners in Asia have used the sanctions waiver to stock up on Russian crude, with India actively scooping up large volumes of Russia’s oil, after it was discouraged by the U.S. early this year to continue importing high volumes of Russian oil.
By Charles Kennedy for Oilprice.com
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